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I guess I wasn't clear. I'm trying to figure out if I should point ALL incoming links to ONE page such as the home page as opposed pointing them to the pages which contain the keyword content in question. Should I try to beef up one page's PR and have that page link to the sub keywords or should I create specific links for each keyword and point it to the keyword rich landing page?

My example wasn't meant to ask about stuffing a keyword text into the anchor text but merely meant to demonstrate what I'm asking. Point all back links to my home page or point them to their respective pages for which the keywords appy.

Thanks for your answer.... that's what I've been doing.. I was afraid that I was doing a dis service to my site by doing that.

The site in question is my wife's site for moms that I am SEO'ing. I have two links in my sig.. one targeting Playgroups and one targeting WAHM Free Classifieds. The Playgroups url go to the playgroups page and the WAHM Free classifieds link goes to the WAHM Free Classifeids page.